This plan is the same as conventional hire purchase with one key difference: there is a “balloon” deferred payment at the end of the agreement. This reduces the fixed monthly payments.
We can tailor your Balloon HP repayment plan to suit your budget, however unlike HP, the final balloon payment is not optional and the future value of your vehicle is not guaranteed.
Benefits of a balloon hire purchase
- Fixed regular payments for easy budgeting
- Our regular payments are reduced because the balloon payment is deferred to the end of the agreement
- Ownership of vehicle at the end of the agreement
- Flexibility – you agree the deposit and agreement term to suit your needs.
Balloon hire purchase - How it worksOnce you have chosen the vehicle you want you will then decide your agreement term between 12 and 48 months. You will then agree the amount of the balloon payment that you will defer to the end of the agreement.
The balloon payment and any deposit are deducted from the price of your vehicle and you will then make regular payments based on the remaining balance plus the agreement interest.
At the end of the agreement, following the settlement of the balloon payment, you will own your vehicle outright.
For a quotation, help, or advice contact your local dealership and ask to speak to one of our Business Managers at your local Evans Halshaw dealership